February 29, 2016

Research #1Nickel-Copper in Ontario

Nickel One Starts Trading and Acquires the Tyko Nickel-Copper

Project near Hemlo in OntarioToday, Nickel One Resources Inc. started to trade on the TSX.V under the symbol NNN and announced to acquire the Tyko Nickel-Copper Project. The company’s largest shareholder is Vancouver-based investment fund Delbrook Capital Corp., which holds 15.37% of the company after a recent financing. With cash in the bank, Nickel One may start a phase-1 drill program soon. A decade ago, drilling intersected +1% nickel and ~0.5% copper over several meters (historic), thus a significant NI43-101-compliant discovery could be made soon.

ickel One owns 100% of the Tyko Property, which covers 11 km2 in north-western Ontario near the

prolific Hemlo Gold Mining Complex and the Thunder Bay Mining District.

The Tyko Property is located in Ontario’s highly prospective Mid-Continent Rift Nickel Province with great infrastructure near-by and connected by road to the town of Manitouwadge.

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Company Details

Nickel One Resources Inc.1110-1111 West Georgia StreetVancouver, BC, V6E 4M3 Canada Phone: +1 604 805 3530Email: cvl@tydewell.com (Vance Loeber)www.nickeloneinc.com

Shares Issued & Outstanding: 27,102,596

Canadian Symbol (TSX.V): NNNCurrent Price: $0.12 CAD (Feb. 29, 2016)Market capitalization: $3 million CADGerman Symbol / WKN: not listed

”One would think that those companies brave enough to be developing early stage nickel deposits at this point in the

commodity cycle could fill the gap of lost production in coming years. This is of course all subject to a rebound in the nickel price. This rebound could commence

as early as next year as the Indonesian laterite ore ban makes

itself felt. Only time will tell.”

(Chris Berry in A Closer Look at Nickel: An Unsustainable Current Reality,

October 20, 2015)

Chart Canada (TSX.V)In 2013, nickel and copper concentrate production started at Raglan South aka Nunavik Nickel Mine

Research #1 | Nickel One Resources Inc.2

Nickel One’s vision is to build shareholder value. The mission to achieve this involves drilling, making a discovery and delineating a maiden NI43-101-compliant resource estimate. As drilling may start in a few weeks, a discovery could be made soon, especially when considering that identified targets from a VTEM survey are untested to date and drill-ready.

An analogous nickel discovery was made by Australian-based Sirius Resources in 2012:

In July 2012, Sirius announced discovery hole SFRC0024 intersecting 4 m of massive sul-fide mineralization (3.8% nickel and 1.42% copper at 191m depth). The discovery of the Nova Deposit took Sirius’ stock from $0.05 to $5 in a matter of months. In 2015, Sirius was acquired by its larger rival, Independ-ence Group, in a $1.4 billion transaction.

According to Alan Aubut (P. Geo.; ex-Inco), author of the NI43-101 Technical Report on the Tyko Nickel-Copper Property (February 26, 2015):

“The ultramafics host nickel and copper bearing sulphide mineralization that varies from fine-grained disseminations, coarse grained blebby pyrrhotite and chalcopyr-ite with lesser pyrite, to veins of massive

sulphide...

This conduit is very similar to the feeder system to the Voisey’s Bay deposit in

northern Labrador, host to the Ovoid and Reed Brook nickel-copper deposits. The

available magnetic data implies that this conduit is contorted and it is near these

changes in geometry that the best nickel grades have been found to date and likely will be host to economic concentrations of Nickel-copper bearing sulphides... The property shows many similarities with

mafic to ultramafic feeder systems such as Voisey’s Bay in northern Labrador and

Jinchaun in China. These deposits are characterised by magmatic sulphides collecting within the feeder of a large

intrusive body due to variations in geometry that caused changes in flow dynamics such

that immiscible sulphides were able to settle out and collect in structural traps. It is therefore concluded that this property has excellent potential for hosting an economic

nickel-copper deposit.”

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In 2006/2007, North American Palladium Ltd. drilled a total of 2,230 m with 13 holes (9 intersected nickel and copper mineraliz-ation with 5 holes assaying +1% nickel and ~0.5% copper from 17 m to 84 m depth) intersecting two 400 m long continuous dyke-like mafic/ultramafic horizons prox-imal to a large mafic/ultramafic intrusion, with broad halos of base metal sulfide mineralization assaying up to:

Hole TK06-01 (Tyko Showing):

1.09% Nickel0.77% Copper

0.42 g/t Platinum0.42 g/t Palladium

over 4.14 m

Hole TK06-03 (Tyko North Showing):

1.07% Nickel0.51% Copper

0.24 g/t Platinum0.12 g/t Palladium

over 4.1 m

Hole TK06-05 (Tyko North Showing):

1.05% Nickel0.47% Copper

0.20 g/t Platinum0.12 g/t Palladium

over 6.2 m

The Tyko Showing and the Tyko North Showing represent high potential explora-tion targets for rapid definition of resources with of ore grade nickel, copper and PGMs over typical mining widths. According to Alan Aubut (P.Geo., author of the NI43-101 Technical Report on the Tyko Nickel-Copper Property; February 26, 2015):

“The former property owner, Tyko Resources, has completed airborne

TMI magnetic and AeroTEM IV EM surveys over the property followed by ground EM,

detailed mag and IP surveys.

The aero-mag survey has highlighted the presence of a magnetic trend that

correlates directly with known ultramafic rocks and defines the limits of the

interpreted conduit system. The Tyko and RJ Ni-Cu-PGE occurrences are well marked by moderate to strong IP anomalies that

suggest the occurrences are depth limited. The Tyko occurrence has no clear resistivity

or magnetic expression. The larger RJ occurrence is associated with a resistivity low and high magnetic relief. The 2D IP

inversion results suggest the RJ occurrence continues to the east-southeast at depth.”

Research #1 | Nickel One Resources Inc.

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Prospecting of the Tyko area in 1999 resulted in the field discovery of the Main Tyko Showing with samples containing 0.69 nickel, 0.45% copper, 1.1 g/t palladium and 0.84 g/t platinum (Spence, 1999).

A sample taken by an OGS Resident Geologist is reported to have contained 3.82% nickel, 0.86% copper, 0.62 g/t palladium and 0.44 g/t platinum (Schneiders et al., 2000).

Numerous gossanous outcrops of high grade nickel-copper sulfides (primary and secondary cumulate) have been found on the property (see pictures on the right and below).

Proposed Work Program:

1) Step-out drilling on the Ni-Cu-PGM drill intercepts discovered to date.

2) Define a NI43-101-compliant resource.

3) Map and drill test additional AeroTEM targets identified by the 2011 Aeroquest survey.

Research #1 | Nickel One Resources Inc.

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Management & Directors

J. Michael W. Collins (P.Geo.)CEO, President & Director

Currently President, CEO and a Director of Argus Metals Corp. (TSXV: AML). He is Vice President North America of Mining Plus Canada Ltd., a specialized underground and surface mining engineering consulting com-pany. Collins has 18 years experience in min-eral exploration and project development. He has a B.Sc. (Honours) from Dalhousie Uni-versity and a P.Geo. with APGO, May 2003, and from APEGBC, March 2012. Collins has worked in Ni-Cu-PGE exploration with Can-adian Royalties Inc. He has also worked in production and exploration at Goldcorp.’s Red Lake Mine, and has developed and exe-cuted numerous exploration and develop-ment programs in North, Central and South America, East Africa, and Southeast Asia.

Robert J. Scott (CA, CFA)CFO & Secretary

Scott is a chartered accountant with over 20 years of professional experience in corporate finance, accounting, merchant and commercial banking. He has served in management and on the boards of a num-ber of Canadian companies. He is currently CFO of Riverside Resources (TSXV: RRI) and Northair Silver (TSXV: INM), and a director of Entourage Metals Ltd. Scott is a co-founder and a director of Pan American Hydro Corp., a private company involved in devel-oping small hydro projects in Latin America. Scott earned his CA designation in 1998, his CFA designation in 2002 and has a B.Sc. from the University of British Columbia.

Vance LoeberCorporate Development

Loeber is President of Tydewell Consulting Inc. and has +30 years of international busi-ness experience. Loeber has been involved in the financing of early stage through to production level resource companies for +20 years. Loeber was directly involved in the launch of U.S. Silver, currently the lar-gest pure silver mine in the United States. He was one of the founders of Sandspring Resources, which raised over $60 million CAD and took the Toro Paru Gold Deposit in British Guyana to over 6 million ounces. His extensive network is focused on Eur-ope, Asia and North America where he matches these investors with the capital requirements of public companies.

Abraham P. Drost (P.Geo.)Director

Drost is a registered Professional Geo-scientist (Ontario). He obtained the B.SC. in Earth Sciences from the University of Waterloo in 1984 and the M.Sc. in Min-eral Exploration from Queen’s University in 1987. He has 30 years experience in the Canadian mining industry. Until recently, Drost was CEO, President and a Director of Carlisle Goldfields Ltd. (TSX: CGJ), is cur-rently a Director of Mega Precious Metals Inc. (TSXV: MGP), former CEO of Premier Royalty Inc., former President of Sand-spring Resources Inc., former President of Sabina Gold and Silver Corp. and a former Director of Tyko Resources Inc., a private Ontario corporation and party to the present transaction.

Scott Jobin-Bevans (Ph.D., PMP, P.Geo.)Director

Jobin-Bevans is a Co-Founder of Caracle Creek International Consulting and was Managing Director from 2001 to 2008 and Director of Corporate Development since April 2011. In 2008, Scott stepped down as MD and to be a co-founder of TSX listed Treasury Metals Inc., where he served as President, CEO and a Director until April 2011. Dr. Jobin-Bevans has more than 22 years in mineral exploration with public company experience as a director, officer and technical advisor. Scott is a member of the board of directors for a number of public and private companies and holds the volunteer positions of President and Director of the Prospectors and Develop-ers Association of Canada.

Raymond StrafehlDirector

Strafehl has over 30 years’ experience in the investment and venture capital fi-nance industry in Canada; and in corpor-ate relations for public mining companies. He is a registered Commodity Trading Ad-visor with the National Futures Associ-ation in Canada (since 1998); and founded Venture BC in 1998. He is a co-founder of International Liaison for the International Institute for Sustainable Regional Econ-omies. Strafehl is currently CEO of Redline Resources and has previously served as a director of a number of public companies in Canada.

Roderick W. Johansen Director

Johansen is a lawyer with Johansen Law Firm of Thunder Bay Ontario. He practices exclusively in Corporate Commercial mat-ters including transactions and litigation. He holds a Honours Bachelor of Science from Lakehead University and a Law De-gree from McGill University. He regularly provides advice to public companies on transactions, financing and other matters.

Glenn J. Mullan (P.Geo.)Advisory Board

Mullan holds a B.Sc. (Geology) from Con-cordia University and has 35 years of ex-perience in the mining and exploration in-dustries. Mullan is also the President, CEO, and Chairman of Golden Valley Mines. As an independent prospector, Mullan has assembled and acquired many mining prospects ranging from grass-roots ven-tures through advanced-stage projects. Glenn also is a member of the Board of the Prospectors and Developers Association of Canada (PDAC).

The Nickel Market

On October 20, 2015, Chris Berry pub-lished “A Closer Look at Nickel: An Un-sustainable Current Reality?”, concluding:

“With nickel effectively a ‘dollar de-nominated’ commodity, the USD strength has made it relatively more expensive on

world markets...

Ultimately, we think it is the behavior of the producers that will sow the seeds for the resurgence in nickel as available and future supply may not be able to keep up with steady demand. Market participants we have spoken with believe the market

could tip into deficit as early as 2016. The forecast deficits range from 35,000

to 70,000 tonnes... One would think that those companies brave enough to be

developing early stage nickel deposits at this point in the commodity cycle could fill the gap of lost production in coming years. This is of course all subject to a

rebound in the nickel price. This rebound could commence as early as next year as

the Indonesian laterite ore ban makes itself felt. Only time will tell.”

Research #1 | Nickel One Resources Inc.

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In 2009, Andy Hoffman from the Globe & Mail published the below article on Can-adian Royalties Inc., owner of the Nuna-vik Nickel Project (formerly Raglan South Nickel Deposit), which was acquired by Jilin Jien Nickel Industry Co. from China in 2010.

“Glenn Mullan doesn’t sound much like a CEO whose company just agreed to friendly takeover offer from a previously hostile suit-or. The chairman and chief executive officer of Canadian Royalties Inc. wasn’t hiding his discontent with the fact that China’s Jilin Jien Nickel Industry Co. Ltd. won the Montreal junior mining company’s support Friday with an improved all-cash takeover bid worth $192-million. “I’m speaking as a share-holder primarily, and I’m very disappoint-ed,” Mr. Mullan said in an interview. “As a founder, for me, it’s the death of a dream.”

The friendly deal brings China’s first attempt at a hostile takeover of a Canadian com-pany to a close. Jilin Jien, which has quietly been amassing stakes in a number of Can-adian nickel companies, launched a surprise unsolicited bid for Canadian Royalties and

its Nunavik nickel project in August. China has been on a commodities acquisition spree since the financial crisis erupted last fall, snapping up resource projects whose copper, nickel and iron ore is needed for a Chinese building boom. As many Canadian junior mining companies, including Can-adian Royalties, struggled to raise financing during the economic meltdown and credit crunch, a cash-rich China muscled its way into a slew of commodity deals. Canadian Royalties was sideswiped by the financial crisis, which hit just as the company was try-ing to raise capital to build the $500-million Nunavik project in northern Quebec. It had to abandon a planned financing and put Nunavik on care and maintenance last year.“The financial crisis left deep scars on not just people, but institutions and corpor-ations. Canadian Royalties is probably a metaphor for what happened,” Mr. Mullan said. “We were left badly exposed in the aftermath of that.” Jilin Jien’s surprise Au-gust bid of 60 cents per share and $600 for each $1,000 principal amount of debentures was rejected by Canadian Royalties. But a special committee yesterday accepted the

Chinese nickel miner’s increased offer of 80 cents per share and $800 for each $1,000 principal amount of debentures. Industry sources believe that Jilin Jien’s hostile bid for Canadian Royalties was a test case that attempted to gauge the public and political reaction to an unsolicited bid for Canadian resource assets by a Chinese company. Due to its relatively small size, a foreign takeover of Canadian Royalties would not be subject to a review under the Investment Canada Act. “To see the Chinese start to do that, even on a small scale, is an interesting sig-nal point. I think they got comfortable both on the political front and with the takeover rules,” one investment banker said. Jilin Jien’s offer expires on Oct. 27 and Mr. Mullan sug-gested there is an outside chance that an-other suitor could emerge or that sharehold-ers could reject the offer. “It’s a sad day for Canada in a lot of ways. We saw Inco and Falconbridge disappear through acquisi-tions. It was very much our ambition to be-come a Canadian-based nickel producer. We were on our way and it’s sad to see that that dream has gone. [Almost] all of Canada’s nickel is controlled outside now,” he said.”

Canadian Royalties backs Jilin Jientakeover bid

Chinese firm to double investment in Quebec nickel mine

In 2011, the Globe & Mail published the below article on Jilin Jien Nickel Industry Co. advancing the Nunavik Nickel Project (2010 reserves: 11 million t ore @ 0.97% nickel, 1.13% copper, 0.05% cobalt, 0.1 g/t gold, 0.45 g/t platinum and 1.86 g/t palladium) into full production (1.6 million t ore per year), which is 20 km south of Xstrata’s Rag-lan Nickel Mine (1.3 million t ore per year).

“Jilin Jien Nickel Industry Co. will invest an additional $400-million in its project

to extract nickel in Nunavik in northern Quebec.Wu Shu, the mining company’s CEO, made the announcement Monday in Beijing after a meeting with Premier Jean Charest. The addition of $400-million in the project brings the total investment of Chinese mining to $800-million in the northern tip of Quebec. The mine is expected to begin production in mid-2012 and employ about 270 people. The Chinese mine nickel for the chemical industry and for the manufacture of consumer products like batteries.

Jilin Jien Nickel Industry had acquired nickel mining company Canadian Royalties Inc. in 2010 near the Inuit community of Kangiqsujuaq. The company has since signed an agreement with the three Inuit communities in the region for the payment of mining royalties. Quebec premier Jean Charest calls the agreements with local Aboriginal communities a model for future mining investments in the region. Mr. Charest is on a trade mission to China until Friday.”

Research #1 | Nickel One Resources Inc.

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Disclaimer and Information on Forward Looking Statements:All statements in this report, other than statements of historical fact should be con-sidered forward-looking statements. Much of this report is comprised of statements of projection. Statements in this report that are forward looking include that base and pre-cious metal prices are expected to rebound; that Nickel One Resources Inc. or its part-ner(s) can and will start exploring further; that exploration has or will discover a mine-able deposit; that the company can raise sufficient funds; that any of the mentioned mineralization indications or estimates are valid or economic; that the proposed trans-actions go through. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in these forward-look-ing statements. Risks and uncertainties re-specting mineral exploration and mining companies are generally disclosed in the annual financial or other filing documents of Nickel One Resources Inc. and similar companies as filed with the relevant secur-ities commissions, and should be reviewed by any reader of this report. In addition, with respect to Nickel One Resources Inc., a number of risks relate to any statement of projection or forward statements, including among other risks: closing of the proposed transactions; the receipt of all necessary ap-provals and permits; the ability to conclude a transaction to start or continue explora-tion; uncertainty of future base and precious metal prices, capital expenditures and other costs; financings and additional capital re-quirements for exploration, development, construction, and operating of a mine; the receipt in a timely fashion of further per-mitting for its legislative, political, social or economic developments in the jurisdictions in which Nickel One Resources Inc. carries on business; operating or technical difficulties in connection with mining or development activities; the ability to keep key employees, joint-venture partner(s), and operations fi-nanced. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking in-formation. Rockstone and the author of this report do not undertake any obligation to update any statements made in this report.

Disclosure of Interest and Advisory Cautions: Nothing in this report should be construed as a solicitation to buy or sell any securities mentioned. Rockstone, its owners and the author of this report are not registered broker-dealers or financial advisors. Be-fore investing in any securities, you should consult with your financial advisor and a registered broker-dealer. Never make an in-vestment based solely on what you read in an online or printed report, including Rock-stone’s report, especially if the investment involves a small, thinly-traded company that isn’t well known. The author of this report is paid by Zimtu Capital Corp., a TSX Venture Exchange listed investment company. Part of the author’s responsibilities at Zimtu is to research and report on companies in which Zimtu has an investment. So while the au-thor of this report is not paid directly by Nickel One Resources Inc., the author’s em-ployer Zimtu will benefit from appreciation of Nickel One Resources Inc.’s stock price. The author, Stephan Bogner, does NOT own shares of Nickel One Resources Inc. but may purchase shares in the future. In this case, Nickel One Resources Inc. does NOT have one or more common directors with Zimtu Capital Corp. Overall, conflicts of interests exist. Therefore, the information provided herewithin should not be construed as a fi-nancial analysis but rather as advertisment. The author’s views and opinions regarding the companies featured in reports are his own views and are based on information that he has researched independently and has received, which the author assumes to be reliable. The featured company has not reviewed any of this content prior to pub-lication. Rockstone and the author of this report do not guarantee the accuracy, com-pleteness, or usefulness of any content of this report, nor its fitness for any particular purpose. Lastly, the author does not guar-antee that any of the companies mentioned in the reports will perform as expected, and any comparisons made to other companies may not be valid or come into effect.

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Analyst Profile and Contact

Stephan Bogner (Dipl. Kfm. FH)Mining Analyst Rockstone Research 8050 Zurich, Switzerland+41-44-5862323sb@rockstone-research.com

Stephan Bogner studied at the International School of Management (Dortmund, Germany), the European Business School (London)

and the University of Queensland (Brisbane, Australia). Under supervision of Prof. Dr. Hans J. Bocker, Stephan completed his diploma thesis (“Gold In A Macroeconomic Context With Special Consideration Of The Price Formation Process”) in 2002. A year later, he marketed and translated into German Ferdinand Lips‘ bestseller („Gold Wars“). After working in Dubai for 5 years, he now lives in Switzerland and is the CEO of Elementum International AG specialized in duty-free storage of gold and silver bullion in a high-security vaulting facility within the St. Gotthard Mountain Massif in central Switzerland.

Rockstone is a research house specialized in the analysis and valuation of capital markets and publicly listed companies. The focus is set on exploration, development, and production of resource deposits. Through the publication of general geological basic knowledge, the individual research reports receive a background in order for the reader to be inspired to conduct further due diligence. All research from our house is being made accessible to private and institutional investors free of charge, whereas it is always to be construed as non-binding educational research and is addressed solely to a readership that is knowledgeable about the risks, experienced with stock markets, and acting on one’s own responsibility.

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Research #1 | Nickel One Resources Inc.